Walnut box, milled on the CNC (apologizes about the photo quality...point and shoot, nighttime, poorly lit apartment). This is a prototype. The glass circle with paper will probably sit on top of the box, not inside. I'll make another inlay for the circular groove in the top and bottom inside surface of the box. The design will have plenty of variations, and will be the basis for all my holiday gifts this year. I will also probably sell similar boxes on Etsy. There will be lots of variations in the details and embellishments.
The nicest thing about these smaller boxes is that they can be milled out of smaller 'scrap wood.' I have a near limitless supply of this stuff at the hackerspace, all for free. The pieces are usually the leftovers of a larger project, so they are already prepped (in other words, they were run through the planar/joiner). In the spirit of 'waste not, want not' I will probably make extensive use of this materials resource.